Wellington-headquartered NZOG told the NZSX yesterday afternoon that it had raised NZ$42.5 million in working capital from the exercise of listed options.

A “very high” proportion of options (98.12%) being taken up, resulting in the issuing of over 70.82 million new shares and taking the total number of shares issued to over 199 million, the company said.

“We are pleased with the high success rate in option conversion which demonstrates strong support for the company and results in a continuing broadening in the shareholder base,” said executive chairman Tony Radford.

According to a notice issued to the NZSX yesterday, Radford exercised 622,732 options, buying that many new shares and taking his total shareholding in NZOG to 4.9 million.

NZOG general manager Gordon Ward told EnergyReview.net today that the total extra funds raised would go into the “development mix” of the offshore Taranaki Tui Area and Kupe field development, the West Coast Pike River coal project, as well as general working capital.

NZOG and its Tui Area partners were fast approaching making a formal investment decision for the Tui fields, as were the Kupe partners for their field.

The Tui (PEP 38460) partners are: operator Transworld (via New Zealand Overseas Petroleum) 45%, NZOG (via Stewart Petroleum) 12.5%, AWE NZ 20%, Mitsui E&P 12.5%, Pan Pacific Petroleum (via WM Petroleum) 10%.

The Kupe (PML 38146) partners are: operator Origin Energy 50%, Genesis Energy 31%, NZOG 15% and Mitsui 4%.